Madrigal Pharmaceuticals Q4 Earnings Call Highlights

2 days ago 4

MarketBeat

Thu, February 19, 2026 astatine 9:27 AM CST 8 min read

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Rezdiffra posted astir $958 million successful nett income successful its archetypal afloat twelvemonth (Q4 2025 = $321M) and the diligent basal roseate to >36,250 from >29,500, with Madrigal saying the U.S. F2/F3 people colonisation has expanded ~50% since end‑2023 and volition turn astatine a double‑digit pace.
Madrigal is gathering a combination‑focused pipeline "more than 10 programs" deep—highlighting an oral GLP‑1 (MGL‑2086), DGAT2 inhibitor (ervogastat) and aggregate liver‑targeted siRNAs—with resmetirom arsenic the anchor and patent extortion extended to 2045.
Financially, absorption expects gross‑to‑net to emergence to the high‑30% range successful 2026 owed to payer contracting, forecast SG&A to summation portion R&D stays astir flat, and ended Q4 with astir $988.6 million successful currency and equivalents to money the motorboat and pipeline.
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Madrigal Pharmaceuticals (NASDAQ:MDGL) highlighted a near-$1 cardinal archetypal afloat twelvemonth of nett income for Rezdiffra during its 4th fourth and afloat twelvemonth 2025 net call, portion emphasizing accelerating diagnosed diligent maturation successful the U.S. MASH marketplace and a broadened R&D pipeline built astir operation strategies.

Chief Executive Officer Bill Sibold said the institution ended its archetypal afloat twelvemonth connected the marketplace with $958 cardinal successful nett sales, describing Rezdiffra arsenic “the foundational therapy successful MASH.” Fourth 4th 2025 nett income were $321 million, which absorption said was much than triple the prior-year quarter.

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Sibold attributed the commercialized show to gathering the marketplace “from scratch,” including prescriber education, establishing attraction pathways, expanding prescriber breadth and depth, and contracting for access. He besides reiterated that Rezdiffra has established itself arsenic a first-to-market therapy with a “liver-directed and differentiated profile,” adding that the institution continues to spot diligent additions adjacent arsenic GLP-1s are utilized successful the broader obesity and metabolic landscape.

Management said diligent maturation continued done the 4th quarter. The institution reported ending the 4th with more than 36,250 patients connected Rezdiffra, up from more than 29,500 astatine the extremity of the 3rd quarter. Sibold noted the diligent fig reflects the nett of caller starts and discontinuations.

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